Is New Zealand King Salmon Investments (ASX:NZK) profitable now?

Yes, New Zealand King Salmon has returned to profitability, posting a net profit of NZ$13.8 million for the six months ended 31 March 2026. This is a major turnaround from the NZ$20.8 million net loss reported during the same period last year.

What drove the revenue and volume growth for NZK in 1HY26?

The company’s revenue increased to NZ$100.3 million, up from NZ$94.5 million in the prior corresponding period. This growth was underpinned by higher sales volumes, which rose to 2,799 metric tonnes.

How did New Zealand King Salmon (ASX:NZK) perform on core earnings metrics?

The company saw explosive growth across its core operational earnings metrics for the half-year. Pro-forma EBITDA climbed to NZ$17.2 million from NZ$5.7 million in the prior period, while pro-forma EBIT surged to NZ$12.3 million from just NZ$1.2 million.

What are the key details of the upgraded FY26 guidance for NZK?

Following the strong first-half performance, the board upgraded its full-year FY26 guidance. Pro-forma EBIT is now forecast to be between NZ$13 million and NZ$19 million, up from the previous guidance of NZ$10 million to NZ$18 million.

What are the main bull points for NZK stock following this update?

The primary bull case rests on a proven operational turnaround and upgraded short-term earnings guidance. Furthermore, the successful deployment of new infrastructure—specifically the Ronja King wellboat and the Blue Endeavour pilot pens—de-risks the company's long-term expansion plans.

Image for illustrative purposes only. Not a real photo.

NZ King Salmon returns to profit, upgrades guidance

Written by Heidi Cuthbert Published May. 25 2026Last Updated May. 25 2026

New Zealand King Salmon Investments (ASX:NZK) announced a financial turnaround for the six months ended March 31, reporting a net profit of NZ$13.8 million.

This marks a recovery from the NZ$20.8 million loss recorded in the prior corresponding period, driven by strong biological performance over summer and enhanced operational efficiencies.

Revenue rose to NZ$100.3 million from NZ$94.5 million, supported by a volume increase to 2,799 metric tonnes.

Pro-forma EBITDA climbed to NZ$17.2 million, while pro-forma EBIT reached NZ$12.3 million, up from NZ$5.7 million and NZ$1.2 million, respectively.

CEO Carl Carrington credited the positive results to strategic initiatives like a new summer diet and improved stock grading.

Carrington also highlighted key infrastructure milestones, including the arrival of the Ronja King wellboat and the installation of Blue Endeavour pilot pens, which are expected to underpin volume growth from FY27 onwards.

On the back of these strong half-year results, the board has upgraded its FY26 guidance.

Pro-forma EBIT is now expected to sit between NZ$13 million and NZ$19 million, while EBITDA guidance has been raised to a range of NZ$23 million to NZ$29 million.

Full-year harvest volumes remain steady at 5,800 to 6,100 G&G MT. While macroeconomic risks like fuel costs and Middle East conflict impacts have slowed, Chairman Mark Dewdney noted that airfreight availability remains an ongoing uncertainty.

The company increased its FY28 harvest guidance to 8,500–9,100 G&G MT, reflecting a clear path to long-term scale.